Mr Robert is a man who places high priority on family and education. This is why he works so hard to ensure his three children receive the best education money can afford abroad.
One will always hear him say; “I did not have the opportunity to go to school, my children must attend the best schools, obtain the highest qualifications possible and become very useful in life”. Typical of an African parent right?
It appeared like he would realize his hopes and goals until he turned on the news one morning to learn that banks in his country had imposed limits on local cards.
He was so devastated that he called his friend for some advice.
“How do I send money abroad? My children are studying overseas and their tuition fees, excluding their living allowances, are in the tens of thousands of dollars. What good will a $20 limit do me? I attempted to open a domiciliary account but found the process to be too time consuming. I don’t have some of the documentation they require! So, what should I do now? This is frustrating!”Mr Robert complained bitterly.
Fortunately for him, his friend was digitally savvy and had great knowledge of how to circumvent government policies and financial restrictions through the use of crypto.
Unlike him, not everyone has a digitally competent friend who will rush to their aid.
Sadly, he is one of many Africans who have been caught in the web of international money transfer limitations. Many people have no idea how to make overseas payments for personal or business reasons.
International money transfers are typically made through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network, which is an international standard. This financial institution facilitates international money transfers between banks.
Contrary to what the name suggests, SWIFT transfers are not quick. Using the network is similar to traveling via plane. If there is no direct route from one airport to another, you’ll have to take a connecting flight or two. It’s the same for SWIFT.
Unfortunately, this also means some of these banks will charge a fee as well.
The communications network used by banks and other financial organizations to send and receive money transfer orders is overseen by SWIFT. The SWIFT network has a unique code that is 8 to 11 characters long for each organization. The bank identifier code (BIC) or SWIFT ID is what this is called.
In a nutshell, here’s all you need to know about traditional banking:
This year, Nigeria’s largest commercial banks announced reduced limits on international transactions using naira debit cards to $20 (around ₦10,000) per month. Before now, customers could spend up to $100 (₦50,000) on transactions using their naira cards but that limit has been cut due to scarcity in foreign exchange.
Exorbitant processing fee
Anywhere from 3-5 banks will charge a fee for the transfer. As your international wire transfer passes through these middle banks on the way to the final destination bank, each one will take a cut.
Finally, the destination bank will also take a share. They all want a piece of the pie and so the processing fee can be $40-$50, though it can be as high as $80 in some cases. When you convert your money into another currency, be prepared to pay currency exchange rates.
That’s not the only fee you’ll pay. Banks also hide other fees in the exchange rates offered. Always ask! Once you have paid, the clerk will tell you how long the transfer should take
Time consumption and lengthy process
Completion of transfer takes anything from 1 to 5 business days. Traditional banking systems have so many regulations that must be met in order to send money internationally.
Details such as your full name and address, the amount, your bank’s name and address, your bank account number and type, your routing number, your SWIFT or BIC code (if applicable), and your reason for the transfer are all required.
Taking all of these considerations into account, Changera is the best cross-border payment platform that lets you send money abroad easily.
Why you should use Changera
- Boycott the process: Changera is the quickest and most secure way to send money from one country to another. It only takes a few minutes to send money abroad. No need to use the slow and tedious SWIFT network, the blockchain route which Changera uses remains the swiftest and most secure way to send money abroad.
- No limits: As more Nigerian banks have reduced their monthly international spending limit on naira cards, customers will be able to spend between $20 to $ 50 in a month for international transactions depending on their bank spending limit on naira debit cards. It is an indication of the banks’ struggle with scarcity of foreign exchange. But with Changera, you can send up to $10,000 at once and even convert the funds to foreign currency as needed.
- Pay bills without delay: Changera allows you to recharge your airtime on the go, purchase internet data instantly for yourself and gift your family, friends and loved ones airtime or data internationally. You can also enjoy seamless bill payment services when subscribing for your cable TV, buying electricity and other utilities for yourself and loved ones in a simple, easy and secure way globally.
- Convert from one currency to another like a boss: In just a blink of an eye, you can convert naira to cedis or shillings and vice versa. You do not need any Bureau De Changes or middleman. Changera allows you to change your currency based on where you are currently living or traveling to.
- Physical and virtual cards: Changera physical and virtual card enables you to perform cross-border transactions without monthly spending limits. You need to have an account on Changera before you can request for any of the cards. With Changera, funding your card is very easy, fund your Changera wallet through a bank transfer, after which funds in your wallet can be used to fund your card. Once your card is funded, you can begin making payments anywhere Mastercard is accepted.
- Mobile app: Our app ensures ease of money transfer to other countries. It’s very user friendly and easy to navigate. With this, you would not need to be present at a physical branch, join a queue or wait your turn. At the comfort of your home, office or even in a bus, you can send money to your loved ones living outside your country. Get it now on Android or iOS stores